And now we wait. The markets had a choppy day. But not even Pepsi?s bubbly guidance was enough to keep stocks in positive territory.

Oil was down as concerns over another Covid lockdown in China gain steam. And the yield on the 10-year continues to fall as many investors fly to the relative safety of government bonds. All of this could have to do with the strength of the U.S. dollar. The greenback is having itself a month which is good news if you?re planning a European vacation.

The only thing that seems clear is that investors are bracing for the June CPI data. That comes out on Wednesday before the market opens. The White House and many analysts seem to be conceding that the number will come in hotter than expected. And if it does, a 75 basis point hike by the Federal Reserve later this month will be the least of investor?s concerns.
But what if it the number is in-line with prior expectations? The stock market is already pricing in high inflation. Anything resembling ?less bad? news may be just the tonic the market needs.